Tenge strengthened 0.6% in February

09 марта 2011, 15:59
Grigory Marchenko. By Vladimir Dmitriev ©
Grigory Marchenko. By Vladimir Dmitriev ©
The tenge, Kazakhstan’s national currency, strengthened 0.6% in February, with the exchange rate at the Stock exchange standing at KZT 146.02 per USD 1, a Tengrinews.kz journalist reports.

According to the National Bank of Kazakhstan, the tenge exchange rate varied within KZT 146.0 – 146.96 per USD 1 throughout the month. Stock market trading, including additional trading sessions, grew by 27.9% against January, making up USD 7.1 billion. OTC currency trading diminished by 12.7% to make up USD 2.7 billion.

February 28, the National bank turned to managed float, scrapping the trading corridor for the tenge.

Some experts belive the tenge is set to strengthen. In particular, Aleksei Kim, Vice Chairman of the Narodnyi [People’s] Bank’s Pension Fund, a major pension fund in Kazakhstan, expects the tenge to strengthen to KZT 143-145 per USD 1.

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